Company Liquidation Services in Dubai
The Positive Zone supplies the best business liquidation services in Dubai.
Company liquidation refers to the closing of business operations and shutting down a company due to many different factors. unforeseen circumstances such as a failing business while a business is shutting down may result in the removal of and planning for the shutting down of an organization. The closing of an organization includes wrapping up business funds from its workers, investors, and partners.
Which of these are the primary duties of a liquidator?
The liquidator is the sole decision-maker responsible for all tasks involved with a company liquidation.
The company is liquidated by the liquidator. The liquidator must first accept the appointment letter sent by the shareholders and the managers to start the task and activities involved in this process. The liquidator publishes the news of the company liquidation in two local newspapers in both English and Spanish.
What Are the Different Types of Company Liquidation in United Arab Emirates?
Liquidation is compulsory.
The Company is obligated to go through a mandatory liquidation process in response to receiving a court order to force the sale of all Company assets and close the business. The money generated by the liquidation procedure is distributed to creditors and other stakeholders of the business based on the relevant source’s contribution to the Company.
In the event that the shareholders of the business decide to end the operations of the company and liquidate the business because they do not have the funds to pay to the creditor and run the business enterprise, it is known as Voluntary Liquidation. The banks of the creditors enjoy the greatest status in Voluntary Liquidation.
What paperwork is needed to initiate the company liquidation in Dubai, UAE?
The Government in the UAE recognizes several paperwork to be submitted during the Company Liquidation process. The vital documents required throughout the Free Zone and Mainland liquidation process are -.
The Power of Attorney must be provided if the organization has such a document. Proof of their Emirates Identity Proof of their License Application for de-registration Copies of the passport of each of the shareholders Proof of the Memorandum of Association.